Investorideas.com (www.investorideas.com Newswire), a top 100 rated investment site for retail investors following mining stocks, issues a trading and news alert for Trilogy Metals Inc. (NYSE American: TMQ) (Tsx: tmq).
The shares join (Tsx: varnish) (NYSE:LAC) and the recent significant run it had in the market following the GM/DOE news.
https://ca.finance.yahoo.com/news/lithium-americas-reaches-agreement-gm-040000914.html
Trilogy has just announced that the company, South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) (“South32”) and Ambler Metals LLC (“Ambler Metals”) have entered into a binding memorandum of understanding with the United States Department of War (“DOW”), led by the Office of the Undersecretary of Defense for Acquisitions and Sustainment (“OUSD (A&S)”) and the Office of Strategic Capital (“OSC”), for an investment to advance the exploration and development of the Company’s Upper Kobuk Mineral Projects (“UKMP”). The UKMP are owned by Ambler Metals – the company’s 50/50 joint venture with South32.
The DOW will invest approximately $35.6 million in the development of critical mineral resources at the UKMP in transactions with Trilogy Metals and South32.
The DOW will own approximately 10% of Trilogy Metals.
The DOW plans to invest approximately $17.8 million in Trilogy Metals in exchange for 8,215,570 units at a price of $2.17 per unit, with each unit consisting of one share of Trilogy Metals common stock and 3/4 of a 10-year warrant. Each whole warrant would be exercisable upon completion of construction of the Ambler Access Project (or “Ambler Road”) at an exercise price of $0.01 to acquire one share of Trilogy common stock.
The DOW plans to pay approximately $17.8 million to South32 in exchange for 8,215,570 shares of Trilogy Metals common stock that South32 currently owns and a 10-year call option to acquire an additional 6,161,678 shares of Trilogy Metals stock from South32 at a price of $0.01 per share, exercisable upon completion of Ambler Road construction, the entire proceeds of which will be reinvested in Ambler Metalen.
Trilogy Metals and South32 commit to using the funds to further the exploration and development of the UKMP. DOW has the right to appoint one independent third party director to the board of directors of Trilogy Metals for a period of three years. From the date hereof until January 1, 2029, Trilogy Metals agrees not to incur any obligations with respect to third party indebtedness for borrowed funds in the aggregate in excess of $1 billion without the prior written consent of DOW.
Recent news:
https://ca.finance.yahoo.com/news/trilogy-metals-announces-strategic-investment-210300147.html
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